Manual processing is time consuming and expensive, both in terms of the quality review and manual entry of each item into the subsidiary ledger. Adra Match Receivables saves up to 95% of this time.
Another weakness is the potential for human error during creation of the manual transaction in the Accounts Receivable ledger. Adra Match Receivables uses straight through processing, updating the subsidiary ledger through an interface created by the software, de-risking the process.
Put simply, our software will facilitate the automatic updating of your subsidiary ledger direct from the bank file. Most banks and financial institutions have the ability to deliver electronic payment information via online banking or via a specific software application. The payment information contained in this variable data is tested for accuracy and completeness in Adra Match Receivables before being automatically updated through a file-based interface. In this way, the vast majority of payments that you currently post manually can be updated automatically to your subsidiary ledger, including domestic and foreign payments, and those generated directly within your own bank such as sweeps and transfers. Our conversion module handles any bank file format including EdiFact, LM, OCR and Swift/MT940.
Receipts are matched on the basis of customer reference as well as the amount, ensuring increased integrity and accuracy. On completion of the transaction processing and reconciliation, an extract file is produced in the format required by your accounting or ERP software to facilitate updating the ledger. The software also provides a range of reporting options to suit your particular requirements.
Adra Match Receivables is easy to learn and simple to use, enabling your employees to become competent users very quickly.
Adra Match is the European market leader in account reconciliation automation, with over 3,000 clients. Founded and headquartered in Norway, we offer over 20 years’ experience in delivering solutions that are 100% focused on the reconciliation process. We provide an outstanding combination of technology solutions, consultancy, development and post-sales support. Our software is developed by our own team – which has vast specialist knowledge of and competence in financial accounting and finance process improvement – in close co-operation with banks, system suppliers and customers, resulting in a comprehensive process automation solution.